Resolution of Financial Distress

Resolution of Financial Distress
Author: Stijn Claessens
Publisher: World Bank Publications
Total Pages: 428
Release: 2001-01-01
Genre: Law
ISBN: 9780821349069

The understanding of the economic and legal structure of the institutions of bankruptcy has increased considerably over the past decade. This publication describes the state of current knowledge. Containing both theoretical studies and evidence from recent case studies, it shows the possibilities and methods of legal reform and the pitfalls of misguided political action.

Financial Crisis Management and Bank Resolution

Financial Crisis Management and Bank Resolution
Author: John Raymond LaBrosse
Publisher: Taylor & Francis
Total Pages: 447
Release: 2020-11-25
Genre: Law
ISBN: 1000285898

Financial Crisis Management and Bank Resolution provides an analysis of the responses to the recent crisis that has beset the international financial markets taking a top down approach looking at the mechanisms to manage a financial crisis, to the practicalities of dealing with the resolution of a bank experiencing distress. This work is an interdisciplinary analysis of the law and policy surrounding crisis management and bank resolution. It comprises contributions from a team of leading experts in the field that have been carefully selected from across the globe. These experts are drawn from the law, central banks, government, financial services and academia. This edited collection will provide a new and important contribution to the subject at a crucial time in the debate around banking resolution and crisis management regimes, and help to plug the gap in our knowledge and understanding of the law of bank resolution and restructuring.

Corporate Financial Distress, Restructuring, and Bankruptcy

Corporate Financial Distress, Restructuring, and Bankruptcy
Author: Edward I. Altman
Publisher: John Wiley & Sons
Total Pages: 374
Release: 2019-03-26
Genre: Business & Economics
ISBN: 1119481805

A comprehensive look at the enormous growth and evolution of distressed debt markets, corporate bankruptcy, and credit risk models This Fourth Edition of the most authoritative finance book on the topic updates and expands its discussion of financial distress and bankruptcy, as well as the related topics dealing with leveraged finance, high-yield, and distressed debt markets. It offers state-of-the-art analysis and research on U.S. and international restructurings, applications of distress prediction models in financial and managerial markets, bankruptcy costs, restructuring outcomes, and more.

Corporate Financial Distress, Restructuring, and Bankruptcy

Corporate Financial Distress, Restructuring, and Bankruptcy
Author: Edward I. Altman
Publisher: John Wiley & Sons
Total Pages: 399
Release: 2019-02-27
Genre: Business & Economics
ISBN: 1119481856

A comprehensive look at the enormous growth and evolution of distressed debt markets, corporate bankruptcy, and credit risk models This Fourth Edition of the most authoritative finance book on the topic updates and expands its discussion of financial distress and bankruptcy, as well as the related topics dealing with leveraged finance, high-yield, and distressed debt markets. It offers state-of-the-art analysis and research on U.S. and international restructurings, applications of distress prediction models in financial and managerial markets, bankruptcy costs, restructuring outcomes, and more.

Corporate Financial Distress and Bankruptcy

Corporate Financial Distress and Bankruptcy
Author: Edward I. Altman
Publisher: John Wiley & Sons
Total Pages: 314
Release: 2010-03-11
Genre: Business & Economics
ISBN: 1118046048

A comprehensive look at the enormous growth and evolution of distressed debt, corporate bankruptcy, and credit risk default This Third Edition of the most authoritative finance book on the topic updates and expands its discussion of corporate distress and bankruptcy, as well as the related markets dealing with high-yield and distressed debt, and offers state-of-the-art analysis and research on the costs of bankruptcy, credit default prediction, the post-emergence period performance of bankrupt firms, and more.

The Economics of Bankruptcy Reform

The Economics of Bankruptcy Reform
Author: Philippe Aghion
Publisher:
Total Pages: 78
Release: 1992
Genre: Bankruptcy
ISBN:

We propose a new bankruptcy procedure. Initially, a firm's debts are cancelled, and cash and non-cash bids are solicited for the 'new" (all-equity) firm. Former claimants are given shares, or options to buy shares, in the new firm on the basis of absolute priority. Options are exercised once the bids are in. Finally, a shareholder vote is taken to select one of the bids. In essence, our procedure is a variant on the U.S. Chapter 7, in which non-cash bids are possible; this allows for reorganization. We believe our scheme is superior to Chapter 11 since it is simpler, quicker, market-based, avoids conflicts, and places appropriate discipline on management.

formal versus informal finance: evidence from china

formal versus informal finance: evidence from china
Author: Vojislav Maksimovic
Publisher: World Bank Publications
Total Pages: 77
Release: 2008
Genre: Access to Finance
ISBN:

Abstract: China is often mentioned as a counterexample to the findings in the finance and growth literature since, despite the weaknesses in its banking system, it is one of the fastest growing economies in the world. The fast growth of Chinese private sector firms is taken as evidence that it is alternative financing and governance mechanisms that support China's growth. This paper takes a closer look at firm financing patterns and growth using a database of 2,400 Chinese firms. The authors find that a relatively small percentage of firms in the sample utilize formal bank finance with a much greater reliance on informal sources. However, the results suggest that despite its weaknesses, financing from the formal financial system is associated with faster firm growth, whereas fund raising from alternative channels is not. Using a selection model, the authors find no evidence that these results arise because of the selection of firms that have access to the formal financial system. Although firms report bank corruption, there is no evidence that it significantly affects the allocation of credit or the performance of firms that receive the credit. The findings suggest that the role of reputation and relationship based financing and governance mechanisms in financing the fastest growing firms in China is likely to be overestimated.

Handbook of Corporate Finance

Handbook of Corporate Finance
Author: Bjørn Espen Eckbo
Publisher: Elsevier
Total Pages: 559
Release: 2007-05-21
Genre: Business & Economics
ISBN: 0080488919

Judging by the sheer number of papers reviewed in this Handbook, the empirical analysis of firms' financing and investment decisions—empirical corporate finance—has become a dominant field in financial economics. The growing interest in everything "corporate is fueled by a healthy combination of fundamental theoretical developments and recent widespread access to large transactional data bases. A less scientific—but nevertheless important—source of inspiration is a growing awareness of the important social implications of corporate behavior and governance. This Handbook takes stock of the main empirical findings to date across an unprecedented spectrum of corporate finance issues, ranging from econometric methodology, to raising capital and capital structure choice, and to managerial incentives and corporate investment behavior. The surveys are written by leading empirical researchers that remain active in their respective areas of interest. With few exceptions, the writing style makes the chapters accessible to industry practitioners. For doctoral students and seasoned academics, the surveys offer dense roadmaps into the empirical research landscape and provide suggestions for future work.*The Handbooks in Finance series offers a broad group of outstanding volumes in various areas of finance*Each individual volume in the series should present an accurate self-contained survey of a sub-field of finance*The series is international in scope with contributions from field leaders the world over

Underwriting Services and the New Issues Market

Underwriting Services and the New Issues Market
Author: George J. Papaioannou
Publisher: Academic Press
Total Pages: 334
Release: 2017-07-27
Genre: Business & Economics
ISBN: 0128032839

Underwriting Services and the New Issues Market integrates practice, theory and evidence from the global underwriting industry to present a comprehensive description and analysis of underwriting practices. After covering the regulation and mechanics of the underwriting process, it considers economic topics such as underwriting costs and compensation, the pricing of new issues, the stock price and operating performance of issuing firms, the evaluation of new issue decisions, and an analysis of the many choices issuers face in structuring new issues. Unlike other books, it systematically develops a critical perspective about underwriting practices, both in the U.S. and international markets, and with a level of detail unavailable elsewhere and an approach that reveals how financial institutions deliver underwriting services. Underwriting Services and the New Issues Market delivers an innovative and long overdue look at security issuance. Foreword by Frank Fabozzi - Covers underwriting contracts and arrangements on pricing and costs - Focuses on the financial consequences of the issuance decision for the firm - Describes and evaluates decisions regarding the features and structure of new security offerings.